Topic: And now a bank realizes bitcoin's potential finally!(citibank) (Read 2931 times)

I think it was JP Morgan Chase that recently invented a patent that sounded very similar to Bitcoin.

And they told abou BlackCoin too http://www.coindesk.com/citi-bitcoin-debit-credit-card-issuers/

Exactly! Anyways, we should not worry about banks. Sneaky bankers will find their place in the cryptoworld.

I would be very careful about heaping kudos on Citibank...Bitcoin is their enemy, and they know it, whether they admit that publicly or not.

Bitcoin was not created to solve fractional reserve lending, it was created to solve the issue with P2P payments being centralized and high cost.

All banks have definitely taken notice of Bitcoin, but most probably agree that it isn't quite big enough for them to try and do anything about it. I wonder which will be the first to publicly jump in?

They could be, but fractional reserve lending would put us right back in the situation that bit coin was created to solve.

I believe banks can be an excellent bitcoin exchange. They already have our names and addresses, so need for extra KYC issues, and we have learnt to trust them (most of them) with our fiat.

Last I heard, Citibank was still very against bitcoins and will close accounts if they find out you move a decent amount of btc-related transactions through there. In the US, no major bank is accepting of bitcoin. The only ones that won't give you a complete hassle about is are credit unions. Chase is the worst when it comes to this.

I call dibs on WTFcoin!

Regarding banks, if you put your money under your mattress it depreciates every day whereas, in an interest bearing account it appreciates.  You put BTC under your mattress and it appreciates more rapidly.  Quite a bit more than banks are sufficiently solvent to keep up with.  So, long story short:  Just Bitcoin them to death!

PS, don't jack with my mortgage interest rate though.  I got a deal on that!

Bitcoin will negatively affect the long term profitability of banks as they make a huge amount of revenue from payment processing and deposit account fees that Bitcoin eliminates (for the most part).

Of course bank will ever exist. Bank are not evil. The system is.

Bank will exist for ever, if tomorrow something REALLY serious open door who can keep your bitcoin safe with insurance + make you able to spend it pretty easily with multiples account (saving, current) protected by different password + make you able to invest in stock or whatever or can do it for you, a trader will take your bitcoin and play with it and take a comission (because you don't have time to take care it).

I will sign up and pay for it for sure (in a reasonnable way) Maybe i will not put everything i have, because i'm paranoid. But bank will forever exist because security is a pro thing, and investment is needed in our economy. Maybe is more risky for me to take care about my own security than give it to a bank. Really i'm not really good at security, some of you are, but we are not all engineer with 4 lapops and 2 desk computer at home.

Bank is needed overall for investment, i believe about p2p stocks market, but i think it's will be like a "2nd market" for smaller company, we need also centralised. We need p2p and centralised, we need to have the choose. Serious company with real invest they need some centralisation.

I hope people with large amount of BTC will realise they better to invest Bitcoin in Bitcoin company instead of keep it in cold storage, this will not help Bitcoin to be what it need to be But people with millions of dollars worth bitcoin they need some insurance.

I hope a Bitcoin trust fund will emerge soon. Like they take the top10 of best startup bitcoin in different localisation to mitige the risk. You put an invest of 5 bitcoin for example and you receive 10 different colored coin from company. I feel like we need kind of centralised organisation, or it's will be a giant mess, because you need a huge investment to make a system like this. P2P is very good, but i will not rules the world. We need some "centralised" organisation.

Centralised not mean dark organisation, Bitcoin allow transparency and all company who want to be trusted will need to open their account to public soon. Its start to happening. Maybe bank of tomorrow will not be Bank of today, it's all depends how they handle their transition in this new system. It's like paypal i feel, maybe Paypal tomorrow will be stronger then never if they integrate Bitcoin in a right way. Maybe they will not and will disapear in 5-10years.

I'm sure pretty sure we will have a giant schism in banking system. Some will fight bitcoin to dead to survive, and some will try to transition into, they will invest and fund Bitcoin bank.
I think bank who will try to fight BTC are dangerous and maybe they can make some damage to Bitcoin, maybe with politics, maybe with misinformation, maybe with illegal thing, maybe all of 3. But they will not destroy the idea, so the fight is already lost, they can just try to delay it like 5-10years.

They can be sucesfull in transition in a new system, dont forget Banker are kind of genious (they recruit something like 30% of all the better student in the world, and they are liberalist by education so bitcoin is a dream who can come true for them?), have kind of illimited fund and it's an intellectual elite of this world, dont underestimate this people lol... If they see an opportunity, they will take it seriously. Bank will continue exist of course, they have so much money, they just can't lose 100%.

Centalised is good because centralised organisation is more easy to make profit, so they can invest massively, and can do faster and better what p2p have hard time to make. It's a reality. It's how the world works for thousand of years, and will continue i believe.

I believe short to medium term the most disruption will be on the western union types for transferring money from place to place. Millions and millions of dollars and other currencies will be saved for the consumer and businesses.

Right now it costs me almost 10% to send money to my in laws that are oversea's and its done the real old fashion way we find somebody traveling and send the money with them. Its hardly safe or cheap.

Credit card fee's are anywhere from 1.5% to almost 5% for some of the airline perks cards. So i believe bitcoin's can disrupt credit cards as well. But imo the credit card companies have a few more advantages than the money wire companies.

Steve
 

Soon, banks will have their customers mine for them, i.e. Fifth Third Bank would have 53Coin, to be traded on some exchange. How about: WFCoin; STCoin; CitiCoin; BoACoin; JPMC; C1Coin; INGCoin; to name a few. All listed on some exchange, competing with one another.

And, all the mining will be done on the Cloud where contracts would need to be purchased.

Why stop at banks? Politicians could just as easily set up their own coins to have their supports mine for them, of which would be traded on some exchange, with some creative way to glean a certain percentage outta what's mined to support their election campaign. Hell, with this scenario, a politician can now have their supporters earn a buck while they fill their campaign coffer. An individual can then support opposing camps simultaneously if the ROI is favorable, otherwise only the most favorable politician's mining coop will get funded fuller. This could all be in place prior to the 2016 general election, with a test run for 2014, this fall.

No, it'll be easier.

Bank.
Contact ally.
Create new alt.
List alt on exchange.
Bank positions themselves.
Profit.
Rinse.
Repeat.

They see potential, alright!

I think they see something of value that has nothing to do with what us Minions consider Bitcoin to be. I believe they finally got their head wrapped around it to somehow make bank on the whole cryptocurrency scene.

I've been lucky enough to start up my own bank. It's called the Bank of Me. It has one customer. We've been operational for over a year. Had to adapt our security policies and percentages a couple of times. We were robbed once but only of a small amount. Luckily we had moved 90% of our customers funds into a safer, cooler, storage facility. Learnt from that mistake.

We have the emergence of many independent franchises over the last year and long may it continue.

i don't like the fact that banks and financial institutions are paying notice to bitcoin. they'll just end up pooling their money together to influence lawmakers to be against it.

I think I still owe them some late fees. It always surprises me when I see video rental stores still in business.